Allied Motion Announces Corporate Name Change to Allient Inc. and Ticker Change to ALNT

Rhea-AI Summary

Allied Motion Technologies Inc. (Nasdaq: AMOT) has announced a corporate name change to Allient Inc., effective August 23, 2023. The new ticker symbol will be ALNT. The company aims to transform from a products-based business in motion control to a solutions-oriented company that addresses customers' requirements for Motion, Controls, and Power technology. The name change reflects the company's evolution and expansion into broader markets within the Controls and Power industries.

• New name symbolizes the evolution of the business and success of its strategy to transform from a products-based business in motion control to a solutions-oriented company that addresses its customers’ requirements for Motion, Controls and Power technology for a multitude of applications.
• New name and ticker to become effective on August 23, 2023
• Announces webcast of Company’s investor and analyst day concurrent with new name on Wednesday August 23

BUFFALO, N.Y.--(BUSINESS WIRE)-- Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or the “Company”), a global designer and manufacturer of precision and specialty Motion, Controls and Power products and solutions for targeted industries and applications, announced today that shareholders approved its corporate name change to Allient Inc. at a special meeting of shareholders held on August 11, 2023. The new name will be effective August 23, 2023, and at the opening of the markets that day, the Company’s shares will commence trading under the new ticker ALNT on the Nasdaq.

“The name change builds off the success we have demonstrated in the Motion industry and reflects the evolution of our technology portfolio into a broader set of Motion, Controls and Power solutions. Short for Allied Nexus Technologies, ‘Allient’ captures the value opportunity that exists at the nexus of the three technology pillars and recognizes the unique capabilities the combination offers,” commented Dick Warzala, Chairman and CEO.

He added, “Our increasing emphasis on Controls and Power technologies significantly expands the addressable markets for the Company. In addition, we are structuring our organization with focused market selling and support teams to increase solution sales opportunities under the Allient brand. Ultimately, we aim to replicate our growth and success in the Motion industry to broader addressable markets within the Controls and Power industries.”

Investor and Analyst Day Webcast
Date: Wednesday, August 23, 2023
Start time: 11:00 a.m. Eastern Time
Webcast and accompanying slide presentation: www.alliedmotion.com/investor-relations

The Investor Day will be a great opportunity to hear more about Allient and the actions the Company is taking to:

• Expand its available markets
• Further strengthen and grow its market share
• Leverage its global manufacturing and engineering capabilities to ensure the Company achieves its goals and objectives
• Leverage its past success and continue to execute its proven process well into the future.

The webcast replay will be available on the Company’s website, where a transcript will be posted once available.

About Allied Motion Technologies / Allient Inc.

Allied Motion / Allient (Nasdaq: AMOT) is a global engineering and manufacturing enterprise that develops solutions to drive the future of market-moving industries, including medical, life sciences, aerospace and defense, agriculture, transportation, robotics and automation. Allient is a family of companies driven by the same goal: to act as one team to provide the most robust, reliable, and high-value products and systems in Motion, Controls, and Power— from mobile weapons systems used by the military to powered wheelchairs that enhance people’s lives.

Allient solutions enable applications that address customers’ most critical challenges so they can seize new opportunities and change the game. The Company’s strategy is to deliver innovative solutions for its targeted markets to drive growth, while adding new technologies and capabilities through acquisition. Headquartered in Buffalo, N.Y., Allient employs more than 2,250 team members around the world. To learn more, visit www.alliedmotion.com.

Safe Harbor Statement

The statements in this news release that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results, anticipated levels of capital expenditures, the Company’s belief that it has sufficient liquidity to fund its business operations, and expectations with respect to the conversion of backlog to sales. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the impact of changes in income tax rates or policies, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses, and on global supply chains; our inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives, the ability to attract and retain qualified personnel, the ability to successfully integrate an acquired business into our business model without substantial costs, delays, or problems, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230814270952/en/

Investor Contacts:

Deborah K. Pawlowski / Craig P. Mychajluk

Kei Advisors LLC

716-843-3908 / 716-843-3832

dpawlowski@keiadvisors.com / cmychajluk@keiadvisors.com

Source: Allied Motion Technologies, Inc.

FAQ

What is the new name of Allied Motion Technologies Inc.?

The new name is Allient Inc.

When will the name change be effective?

The name change will be effective on August 23, 2023.

What will be the new ticker symbol for Allient Inc.?

The new ticker symbol will be ALNT.

What is the reason behind the name change?

The name change reflects the company's transformation into a solutions-oriented company that addresses customers' requirements for Motion, Controls, and Power technology.

What are the company's goals with the name change?

The company aims to expand its available markets, strengthen and grow its market share, and replicate its growth and success in the Motion industry to broader addressable markets within the Controls and Power industries.

Where can I find the webcast and slide presentation for the Investor and Analyst Day?

The webcast and accompanying slide presentation can be found on the company's website at www.alliedmotion.com/investor-relations.